What to Know About Debit Card Payday Loans
Financial stability is one of the goals that most of us have. But the harsh reality is, achieving a stable financial status is very challenging nowadays. One of the things that can wreak havoc to a well-managed budget is emergency expenses and unplanned bills. The harsh reality is, most people do not have much savings set aside for illnesses, repairs, and other emergency bills.
The lending industry recognized the need for immediate financial relief so more and more types of loans are offered to consumers. Payday loans are one of the most sought after a short-term and unsecured personal loan for a variety of reasons. Ease of access is one of the most important reasons why payday loans are popular. This article will discuss a specific type of payday loan – the debit card payday loan. You will learn what a debit card payday loan is, how it works, how to be eligible for a debit card payday loan, and the benefits of this type of borrowing.
What are debit card payday loans?
A debit card payday loan is a short-term loan where the proceeds of the borrowing are transferred into your debit card directly. To obtain a debit card payday loan, the first condition is that you should have a debit card. The online loan application process for a debit card payday advance is quick and simple. You can get a loan from a few hundred to $1,000.
The Internet is certainly a game-changer on how we can access credit nowadays. It is now easy to get different types of loans without leaving your home for a second – debit card payday loans included. Online loan providers provide the opportunity for customers to apply and obtain a loan using an Internet-connected device.
So if you need urgent financial assistance, you don’t have to drive down to and wait at the lender’s office. All you need to do is go online and choose your preferred loan provider. The process for taking out a debit card payday loan online is quick and straightforward with only a few documents required. Ideally, the loan application process will not even take several minutes as long as you have the necessary information.
If you have bad credit, you know how it can jeopardize your chance of obtaining a loan from conventional loan providers. Fortunately, you don’t have to worry about getting a debit card payday loan or any kind of credit from online direct lenders.
When you apply for credit from a payday loan provider online, you won’t get turned down because of your credit rating. If you submit a loan request online, you can get a response without waiting too long. This means you can find out the status of your debit card payday loan request after several minutes. Once you get your loan request approved, you can receive the cash in your debit card in a few hours or within the day.
Debit Card Payday Loans and How They Work
If you have never applied for a payday loan before, whether online or by going to the lender’s office, you will be offered the option to take out a debit card payday advance.
If the lender approves your request for a payday loan, you will be notified immediately. Upon agreeing to the terms and conditions of the loan, the funds will be deposited to your loan account immediately. A debit card payday loan offers utmost convenience by letting you access the loan proceeds through your very own debit card.
If you decide to take out a debit card payday advance again in the future, you can access the loan amount using the same debit card.
In general, debit cards are issued by Visa and MasterCard which makes it possible to use the card to pay at affiliated merchants or withdraw money via accredited machines and terminals.
The rules and regulations governing the payday lending industry vary per state and country. The law dictates how much an individual should be allowed to borrow and repay the loan over a certain period. Some US states do not allow payday loan at all. It only makes sense to find out the rules and regulations of the payday lending industry from where you are located. It is your responsibility to research and finds out about the laws and regulations of payday loans from your location before applying for one.
What are the Features of a Debit Card Payday?
Every loan product has its unique features. Here are the main features of a debit card payday loan:
Funds are easy to access
A debit card payday loan is the most suitable option if you need cash immediately. After the lender approves your request for a loan, you will receive the money into the debit card account that you indicated in your application. You can get cash from any accredited ATM or purchase from stores (online or offline) bearing the logo of the debit card provider.
There is no restriction at all when it comes to using your debit card even after you receive the funds from the lender. You can use it to receive money from other sources, use it for purchases, and more.
You can be eligible for rewards
Most debit card providers give their customers the ability to earn points or rewards every time they use the debit card.
Compare your payday loan options
There are plenty of payday loan providers so it won’t be difficult to find a suitable lender. Different loan providers have different terms and processes to follow. Before deciding to get a debit card payday loan, make sure to weigh all features and options.
There are no restrictions on how you want to use the funds of your payday loan
After receiving the cash from the lender, you can decide where you want to use the money. You are not forbidden to use the money as long as it is legal. You can use the funds to pay for bills that need to be settled immediately, medical or hospital bills, car or home repairs, or even go on a quick vacation.